Press release
Global Machine Tools Market Outlook 2025-2034: Trends, Innovations, And Future Outlook
Machine Tools Market Size
What Is the Expected Machine Tools Market Size During the Forecast Period?
In recent times, there has been a robust increase in the size of the machine tools market. Its anticipated growth is from $96.5 billion in 2024 to $101.51 billion in 2025, with a compound annual growth rate (CAGR) of 5.2%. Factors responsible for growth during the historic period include the industrial revolution and expansion in manufacturing, globalization and industrialization, advancement in the automotive and aerospace sectors, precision engineering and elevated quality standards, and the demand from the military and defense sector.
In the coming years, the market size of machine tools is projected to experience robust growth. The market size is anticipated to reach $129.94 billion in 2029, with a compound annual growth rate (CAGR) of 6.4%. The growth during this forecast period can be linked to the shift towards lightweight materials, global infrastructure ventures, healthcare and medical industry needs, renewable energy sector's needs, and the expansion of aerospace and defense sectors. Noteworthy trends during the forecast period entail the integration of automation and robotics, digitalization, the transition to industry 4.0, the demand for multi-functionality machines, sustainable manufacturing techniques, and the growing adoption of 5-axis machining.
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What Are the High-Growth Segments in the Machine Tools Market?
The machine tools market covered in this report is segmented -
1) By Product Type: Milling Machines, Drilling Machines, Turning Machines, Grinding Machines, Electrical Discharge Machines, Other Product Types
2) By Automation Type: CNC Machine Tools, Conventional Machine Tools
3) By Sales Channel: Direct, Indirect
4) By Industry: Automotive, Aerospace and Defense, Construction Equipment, Power and Energy, Industrial, Other Industries
Subsegments:
1) By Milling Machines: Vertical Milling Machines, Horizontal Milling Machines, CNC Milling Machines
2) By Drilling Machines: Bench Drills, Radial Drills, CNC Drilling Machines
3) By Turning Machines: CNC Lathes, Manual Lathes, Swiss-Type Lathes
4) By Grinding Machines: Surface Grinders, Cylindrical Grinders, Tool and Cutter Grinders
5) By Electrical Discharge Machines: Wire EDM Machines, Sinker EDM Machines
6) By Other Product Types: Laser Cutting Machines, Waterjet Cutting Machines, Fabrication Machines
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What Key Drivers Are Expected to Influence Future Machine Tools Market Growth?
The machine tools market is set to benefit from the expanding manufacturing sector. Machine tools, which serve as crucial equipment in the creation of mechanical parts, are powered devices utilized to manipulate workpieces. They are essential for formation, cutting, and combination processes. Therefore, any surge in the manufacturing sector will directly influence the demand for these tools. For example, per data released by the Australian Bureau of Statistics, a national statistical body of Australia, there was an uptick in the manufacturing industry's EBITDA, signalizing growth to 51,574 in 2022, from 50,446 in 2021. This growth in the manufacturing industry is, as a result, fueling the expansion of the machine tools market.
Which Companies Hold the Largest Share Across Different Machine Tools Market Segments?
Major companies operating in the machine tools market include Amada Co. Ltd., DMG Mori Co. Ltd., Yamazaki Mazak Corporation, Haas Automation Inc., Okuma Corporation, GF Machining Solutions, Makino Milling Machine Co. Ltd., JTEKT Corporation, Komatsu Ltd., TRUMPF GmbH + Co. KG, Hyundai WIA Corporation, FANUC Corporation, Doosan Machine Tools Co. Ltd., Mitsubishi Heavy Industries Ltd., Hurco Companies Inc., Schuler Group GmbH, Gleason Corporation, EMAG GmbH & Co. KG, Starrag Group Holding AG, MAG IAS GmbH, Hardinge Inc., Dalian Machine Tool Group Corporation, Haco Group, Tsugami Corporation, Haas Schleifmaschinen GmbH, INDEX-Werke GmbH & Co. KG, Fives Group, LMT Group, Kitamura Machinery Co. Ltd., Chiron Group
What Trends Are Driving Growth in The Machine Tools Market?
The primary trend surfacing in the machine tools market is the introduction of innovative new products. To maintain their foothold in the market, major industry players are focusing on novel product developments. For example, in June 2022, LMW Machine Tool Division, a firm specializing in automated machinery production in India, unveiled two new machines - the JG 50 Vertical Machining Center and LF20C Twin G Twin Turret Chucker, and demonstrated three latest machines and machining solutions at the INTEC 2022 exhibition in Coimbatore. The standout features of the JG 50 Vertical Machining Center merely encompass a high acceleration surpassing 1G and a spindle speed that reaches 16,000 rpm. The LF20C Twin G Twin Turret Chucker features two spindles and two turrets, signifying the integration of two CNC Turning Centers into a single unit.
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What Are the Emerging Geographies for The Machine Tools Market Growth?
Asia-Pacific was the largest region in the machine tools market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the machine tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Machine Tools Market?
2. What is the CAGR expected in the Machine Tools Market?
3. What Are the Key Innovations Transforming the Machine Tools Industry?
4. Which Region Is Leading the Machine Tools Market?
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